GBPUSD seems to have broken into an upward trend and it seems that this momentum will continue towards 1.6340 level. Although EURUSD has not broken the upward trend, and as a matter of fact is being traded in other direction more, GBPUSD is expected to hold its upward trend.
The aggressive traders who missed on the buying entry of GBPUSD will be looking to buy it o retracement dips towards 1.6775 level but the conservative traders might hold back their entries to see if GBPUSD can extend its dip as low as 1.6100 level, which will setup a good long term buy trade.
Considering the moving averages of multiple values, it seems to indicate a very good buying entry and seems to point out the start of an extended upward trend. The short term and long term moving averages are all ready to cross into upward direction indicating the start of upward trend. The RSI in daily charts is just above 55 level and thus have more than enough space to allow GBPUSD to make an extended upward move.
On the upper side the first resistance can be seen at 1.6275 level and GBPUSD might take a dip from that level to provide traders some good entry levels. Once GBPUSD manages to break above 1.6275 level, an extended move by GBPUSD is expected.
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